Securities Class Action Announced Against Versatility, Inc. 

Monday, March 9, 1998 11:38 AM

NEW YORK, March 9 /PRNewswire/ -- ATTENTION: VERSATILITY, INC. SHAREHOLDERS
-- TO ALL PERSONS OR INSTITUTIONS WHO ACQUIRED VERSATILITY, INC. COMMON
STOCK BETWEEN AUGUST 19, 1996 AND FEBRUARY 13, 1998 AND/OR PURSUANT OR
TRACEABLE TO ITS DECEMBER 1996 OFFERING:

On March 6, 1998, a shareholder securities class action lawsuit was filed by the law firm of
Schoengold & Sporn, P.C. in the Federal District Court for the Southern District of New York
against Versatility, Inc. (Nasdaq: VERS) ("Versatility" or the "Company"), Ronald Charnock
(President, Chairman, and Chief Executive Officer of Versatility), Merrill Lynch & Co.,
Montgomery Securities, and Oppenheimer & Co., Inc. (the Lead Underwriters), Index Number
98 Civ. 1676 (JES), on behalf of purchasers of the common stock of Versatility who bought
stock in the open market from August 19, 1996 to February 13, 1998 or pursuant to or
traceable to the Company's December 12, 1996 public offering of 2.2 million shares of
Versatility common stock at $15.00 per share. 

The securities class action complaint charges the defendants engaged in a common plan and
scheme to defraud by violating the federal securities laws (Sections 11, 12 and 15 of the
Exchange Act of 1933 and Sections 10 and 20(a) of the Securities Exchange Act of 1934), by
among other things, misrepresenting and/or omitting material information concerning
operations, products and performance of the Company, including but not limited to the
Company's CallCenter product, thereby artificially inflating the price of Versatility common
shares and bringing Versatility common shares to market at artificially inflated prices, all to the
damage of Versatility shareholders.

Plaintiffs seek to recover damages on behalf of class members, and are represented by the
law firm of Schoengold & Sporn, P.C., 233 Broadway, New York, New York 10279, Tel.
212-964-0046, Fax: 212-267-8137, E-Mail: SCHOENGOLD@AOL.COM, who has extensive
experience and expertise prosecuting class actions on behalf of investors and shareholders.
Schoengold & Sporn, P.C. began specializing in shareholder class and derivative securities
litigation in 1968, and courts have long noted the firm's experience and ability in complex
securities litigation.